A key gauge of deflation risk in Europe is flashing red, dropping to record lows on fears of fresh recession and lack of decisive action by the European Central Bank.

The sudden lurch downwards came as Bank of America warned that France’s debt ratio could rocket to 120pc of GDP within five years, unless the EU authorities take radical steps to reflate the region’s economy. Italy’s debt could threaten 150pc even earlier.

Here is the point on which I would like you to focus: Bankers and Governments are mainly worried about “deflation.” What is so bad about deflation? Look at the “horrifying” example they provide: “Deflation is already knocking on the door. We think it could happen as soon as next month given the latest fall in food prices,” said Mr [Andrew] Roberts, Credit Chief at Royal Bank of Scotland.

OK, stop and think about your monthly grocery budget for a moment, and how much it’s increased over the past ten years. Now, raise your hand if you see falling prices for food as a BAD thing! Yet for international bankers—and their billions in bonuses, dependent on ever-increasing debt—this is a sign of the approaching apocalypse!

Get it into your heads, please! Inflation (fueled by monetary insanity like “QE”—Quantitative Easing) is a bad thing for wise savers and for those struggling to pay their bills. It’s awesome for multimillionaires in the banking industry, and politicians who live for debt without limits, and the campaign contributions from the 1%—who are the only ones to truly benefit from the fiscal insanity.

The answer to this madness is—admittedly painful—a series of sovereign defaults all over the world. It’s time to stop the “crazy train” and put a stake through the heart of the immorality of Central Banking. A silver bullet also works (literally, in vampire terms, and metaphorically, in terms of sound economics).

“But… but… if the Federal government defaults, no one will loan us money anymore!”